BrightPath Early Learning Inc. ("BrightPath" or the "Company") (TSX-V: BPE), the leading Canadian provider of quality early childhood education and care, announced today its operational and financial results for the three month period ended March 31, 2014 that demonstrate the Company is successfully implementing the strategy enunciated last year, and well on its way to achieving the goals set for 2014. In addition, the Company has recently announced four projects in its core Alberta marketplace that will add 680 licensed child care spaces representing 13% more capacity to the Company's current portfolio. 

Portfolio performance highlights for the three months ended March 31, 2014 are as follows (all comparisons are against the same period last year and all amounts are in thousands except per share amounts, unless otherwise noted):

•    The highest quarterly revenue in the Company's history, at $12.7 million an increase of  10.6%;
    •    Adjusted EBITDA set  a new quarterly record, with $1.56 million an increase of  60.3%;
    •    Funds From Operations ("FFO") of $1.25 million ($0.01 per share), an increase of 64.5%;
    •    Adjusted Funds From Operations ("AFFO") increased 75.8% to a record $1.33 million ($0.011 per share);
    •    Improved centre margin which rose to 28.5% compared with 27.5%;
    •    Following a restructuring that included both a reduction in corporate overhead and a cost- effective relocation of certain accounting and operational functions, general and administrative costs decreased 12.2% to $1,276 and  were 15.9% lower on a sequential quarter basis; and
    •    Net loss of $653 ($0.005 per share), which included a provision of $770 for the aforementioned restructuring, without which the Company would have generated net earnings of $117. The financial benefit from the restructuring contributed to the above-noted reduction to general and administrative expense.

Significant events in 2014 include the following:

•    In April, the Company announced plans to open a new child care centre in Cochrane, Alberta creating 120 spaces in leased premises in this rapidly growing, under-serviced community in close proximity to Calgary;
    •    In May, the Company announced its intention to develop a greenfield centre in the Symons Valley area of northwest Calgary in the Creekside commercial development, developed by Hopewell Developments in conjunction with Canadian Real Estate Investment Trust ("CREIT"), representing an additional 250 licensed child care modeled on the highly successful and well-received McKenzie Towne development in south east Calgary;
    •    In May, the Company's first Edmonton greenfield development, on lands within the Melcor Developments West Henday Promenade Shopping Centre, representing 250 spaces was announced;
    •    The Company initiated the process of expanding its Airdrie, Alberta centre from 50 licensed spaces to 111, with completion scheduled for fall 2014; and
    •    In May, construction of the Surrey centre reached 70% completion with the scheduled opening of 200 child care spaces in the fall of 2014.

"We embarked on a three-part plan to deliver on our promise to stakeholders," said Mary Ann Curran, Chief Executive Officer of BrightPath. "Introduce a new brand and an enhanced market-leading offering for our children; optimize the return on invested capital through operating and financial results substantially in excess of those in earlier periods; and refocus and repeat the success of the greenfield development channel to deliver significant accretive growth. With these financial results and recent announcements representing four new locations and one expanded facility comprising approximately 900 spaces, we are fulfilling our promise on all three fronts."

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